Nuvera and Mitsui Sign MOU to Develop Fuel Cells in Japan

Companies take steps toward creating new entity that will supply fuel cell

power modules to the Japanese premium power, residential, and

commercial markets



Apr 12, 2001, 01:00 ET from Nuvera Fuel Cells, Inc.

    CAMBRIDGE, Mass., April 12 /PRNewswire/ -- Nuvera Fuel Cells, Inc., and
 Mitsui & Co., Ltd., today announced they have signed a Memorandum of
 Understanding to create a joint venture company that will, in its initial
 phase, conduct a feasibility study for the production and distribution of fuel
 cell systems for the Japanese market. Upon completion of the feasibility
 study, the parties, with additional Japanese partners, expect to develop,
 manufacture, market, distribute, and service integrated fuel cell power
 systems designed for premium power, residential, and commercial applications.
     Nuvera's role in the new venture will be to develop prototype fuel cell
 power modules and systems for field tests in Japan and to support the
 feasibility study.  Mitsui intends to investigate the Japanese market
 opportunities, create a marketing strategy, obtain the necessary licensing
 permits in the region, identify promising partnerships with manufacturers,
 packagers, distributors, and/or marketers of fuel cells, and create
 opportunities to test and evaluate Nuvera's prototype fuel cell systems.
     "We have long viewed the Japanese market as a favorable market for fuel
 cells," said Mark Brodsky, President and CEO of Nuvera Fuel Cells. "Whereas
 some fuel cell companies have established sales agreements in Japan, our
 strategy involves creating stronger, long-lasting relationships with partners.
 Through our joint venture with Mitsui, we gain access to one of Japan's oldest
 and most respected institutions that has the technical reach and established
 business channels to help us advance the commercialization of fuel cells and
 meet Japan's growing energy demands. This venture builds on the 30-year
 relationship our largest shareholder, Gruppo De Nora, has maintained with
 Mitsui -- a relationship that is also one of the oldest joint ventures in
 Japan today."
    Nuvera's integrated fuel cell power systems, which include a fuel processor
 and a fuel cell, are being designed to provide power to homes, office
 buildings, convenience stores, and other stationary applications. Natural gas
 and propane will be the primary fuels used to power these systems initially.
 Further studies are planned to determine the feasibility of using Nuvera's
 multi-fuel capability to utilize kerosene, ethanol, and diesel as fuel
 sources.
     "Fuel cells represent one of the world's great innovations whose time has
 come," said Toshiyuki Hayashi, General Manager of Mitsui's Industrial
 Machinery Division. "Mitsui is pleased to have the opportunity to work with
 Nuvera and explore the fuel cell market in Japan. It is our belief that,
 together, we can combine our individual strengths - our breadth of technical
 knowledge, business know-how, and global reach - to generate clean, efficient,
 and reliable energy using fuel cell technology."
     Fuel cells generate electricity by converting the chemical energy of
 hydrogen and air (oxygen) into electrical energy. The by-products of this
 process are water vapor and heat.
 
     About Nuvera
     Nuvera Fuel Cells, Inc., (www.nuvera.com) is a designer and developer of
 fuel processors, fuel cell stacks, and integrated fuel cell systems for
 stationary and transportation applications. Its fuel processors and proton
 exchange membrane, or PEM, fuel cell stacks have been successfully tested and
 evaluated by major automobile and appliance manufacturers, research
 institutions, and industrial and energy companies. Nuvera's fuel processors
 have demonstrated the ability to extract hydrogen from a number of commonly
 available hydrocarbon fuels, including gasoline, ethanol, methanol, natural
 gas, kerosene, propane, butane, home heating oil, and diesel. Nuvera was
 formed in April 2000 through the merger of De Nora Fuel Cells S.p.A., the fuel
 cell division of the Italian engineering concern Gruppo De Nora, and Epyx
 Corporation, the fuel processing division of the American business and
 technology consulting firm Arthur D. Little, Inc. The two companies have built
 and tested approximately 38 fuel processors and 310 fuel cell stacks over the
 last 10 years. Nuvera maintains corporate and operational facilities in
 Cambridge, Massachusetts, and Milan, Italy.
 
     About Mitsui
     Mitsui & Co., Ltd., (www.mitsui.co.jp) is an international "business
 creator" offering value-added services to clients worldwide. The firm's 17
 operating groups oversee a broad range of products, and have the knowledge and
 experience to best serve the ever-changing needs of the global marketplace.
 Mitsui is one of Japan's leading sogo shosha, or general trading companies,
 with total trading transactions of 13,200.7 billion yen for the fiscal year
 ended March 31, 2000. Since its incorporation in 1947, Mitsui has helped to
 drive the development of the Japanese economy and has contributed to the
 growth of many other economies around the world by creating new trade flows
 and making business investments in new enterprises and industrial sectors.
 
      Contact
      Robert Derby
      Elevista (for Nuvera)
      (Tel) + 1 (617) 498-6732
      (Tel) + 1 (508) 393-2528
      derby.r@nuvera.com
      rwderby@.elevista.com
 
      Gianfranco Mora
      Gruppo De Nora
      (Tel) + 39 (02) 21 29 23 69
      gianfranco.mora@denora.it
 
      Kazuhiro Nagoya
      Mitsui & Co., Ltd.
      (Tel) + 81 3 3285 4217
      (Fax) + 81 3 3285 9818
 
 

SOURCE Nuvera Fuel Cells, Inc.
    CAMBRIDGE, Mass., April 12 /PRNewswire/ -- Nuvera Fuel Cells, Inc., and
 Mitsui & Co., Ltd., today announced they have signed a Memorandum of
 Understanding to create a joint venture company that will, in its initial
 phase, conduct a feasibility study for the production and distribution of fuel
 cell systems for the Japanese market. Upon completion of the feasibility
 study, the parties, with additional Japanese partners, expect to develop,
 manufacture, market, distribute, and service integrated fuel cell power
 systems designed for premium power, residential, and commercial applications.
     Nuvera's role in the new venture will be to develop prototype fuel cell
 power modules and systems for field tests in Japan and to support the
 feasibility study.  Mitsui intends to investigate the Japanese market
 opportunities, create a marketing strategy, obtain the necessary licensing
 permits in the region, identify promising partnerships with manufacturers,
 packagers, distributors, and/or marketers of fuel cells, and create
 opportunities to test and evaluate Nuvera's prototype fuel cell systems.
     "We have long viewed the Japanese market as a favorable market for fuel
 cells," said Mark Brodsky, President and CEO of Nuvera Fuel Cells. "Whereas
 some fuel cell companies have established sales agreements in Japan, our
 strategy involves creating stronger, long-lasting relationships with partners.
 Through our joint venture with Mitsui, we gain access to one of Japan's oldest
 and most respected institutions that has the technical reach and established
 business channels to help us advance the commercialization of fuel cells and
 meet Japan's growing energy demands. This venture builds on the 30-year
 relationship our largest shareholder, Gruppo De Nora, has maintained with
 Mitsui -- a relationship that is also one of the oldest joint ventures in
 Japan today."
    Nuvera's integrated fuel cell power systems, which include a fuel processor
 and a fuel cell, are being designed to provide power to homes, office
 buildings, convenience stores, and other stationary applications. Natural gas
 and propane will be the primary fuels used to power these systems initially.
 Further studies are planned to determine the feasibility of using Nuvera's
 multi-fuel capability to utilize kerosene, ethanol, and diesel as fuel
 sources.
     "Fuel cells represent one of the world's great innovations whose time has
 come," said Toshiyuki Hayashi, General Manager of Mitsui's Industrial
 Machinery Division. "Mitsui is pleased to have the opportunity to work with
 Nuvera and explore the fuel cell market in Japan. It is our belief that,
 together, we can combine our individual strengths - our breadth of technical
 knowledge, business know-how, and global reach - to generate clean, efficient,
 and reliable energy using fuel cell technology."
     Fuel cells generate electricity by converting the chemical energy of
 hydrogen and air (oxygen) into electrical energy. The by-products of this
 process are water vapor and heat.
 
     About Nuvera
     Nuvera Fuel Cells, Inc., (www.nuvera.com) is a designer and developer of
 fuel processors, fuel cell stacks, and integrated fuel cell systems for
 stationary and transportation applications. Its fuel processors and proton
 exchange membrane, or PEM, fuel cell stacks have been successfully tested and
 evaluated by major automobile and appliance manufacturers, research
 institutions, and industrial and energy companies. Nuvera's fuel processors
 have demonstrated the ability to extract hydrogen from a number of commonly
 available hydrocarbon fuels, including gasoline, ethanol, methanol, natural
 gas, kerosene, propane, butane, home heating oil, and diesel. Nuvera was
 formed in April 2000 through the merger of De Nora Fuel Cells S.p.A., the fuel
 cell division of the Italian engineering concern Gruppo De Nora, and Epyx
 Corporation, the fuel processing division of the American business and
 technology consulting firm Arthur D. Little, Inc. The two companies have built
 and tested approximately 38 fuel processors and 310 fuel cell stacks over the
 last 10 years. Nuvera maintains corporate and operational facilities in
 Cambridge, Massachusetts, and Milan, Italy.
 
     About Mitsui
     Mitsui & Co., Ltd., (www.mitsui.co.jp) is an international "business
 creator" offering value-added services to clients worldwide. The firm's 17
 operating groups oversee a broad range of products, and have the knowledge and
 experience to best serve the ever-changing needs of the global marketplace.
 Mitsui is one of Japan's leading sogo shosha, or general trading companies,
 with total trading transactions of 13,200.7 billion yen for the fiscal year
 ended March 31, 2000. Since its incorporation in 1947, Mitsui has helped to
 drive the development of the Japanese economy and has contributed to the
 growth of many other economies around the world by creating new trade flows
 and making business investments in new enterprises and industrial sectors.
 
      Contact
      Robert Derby
      Elevista (for Nuvera)
      (Tel) + 1 (617) 498-6732
      (Tel) + 1 (508) 393-2528
      derby.r@nuvera.com
      rwderby@.elevista.com
 
      Gianfranco Mora
      Gruppo De Nora
      (Tel) + 39 (02) 21 29 23 69
      gianfranco.mora@denora.it
 
      Kazuhiro Nagoya
      Mitsui & Co., Ltd.
      (Tel) + 81 3 3285 4217
      (Fax) + 81 3 3285 9818
 
 SOURCE  Nuvera Fuel Cells, Inc.